Get the latest gossip
Paramount Global Starts Layoffs, Sees $500 Million in Cuts Before End of 2024
Paramount Global expects to cut $500 million from the company before the end of 2024, with 90% completed by September
“As we continue to advance our plan, we announced on our earnings call last week that we will be reducing our US-based workforce by approximately 15%, focusing on redundant functions and streamlining corporate teams,” said the memo from George Cheeks, Brian Robbins and Chris McCarthy, the co-CEOs who have been running Paramount since it ousted Bob Bakish from the top office. Paramount is one of several big U.S. media companies struggling with the migration of one-time TV viewers to streaming video. While the company owns the big CBS broadcast network, home to many of its big-audience sports properties, the bulk of the Paramount portfolio is centered around a cluster of cable networks that only show a few original programs and have seen the communities that once clustered around them dissipate over the past decade.
Or read this on Variety